Require three months of everything on the low side and six months on the high side. It sounds like you are financing the deal. If you do not know the buyers well, I would go on the high side.
If you arent financing it yourself then get what you can, but in Florida we usually go for 10% or less to hold the position. If I offer financing then its 10% or more for the down payment. Typically its 5-10Grand for a property less than a million to hold the property. The actual down payment is usually dictated by the one holding the note, and depending on there credit is 5-25% of the loan amount.
The question is vague can you explain the deal?
[addsig]
i am selling a 6 fam building. i have a buyer that just made an offer. i am not sure how mcuh to ask for in escrow.
I take it you are providing the financing? I'd say to require their insurance be paid directly to them before closing and prorate the property taxes.
Require three months of everything on the low side and six months on the high side. It sounds like you are financing the deal. If you do not know the buyers well, I would go on the high side.
not financing it myself.
If you arent financing it yourself then get what you can, but in Florida we usually go for 10% or less to hold the position. If I offer financing then its 10% or more for the down payment. Typically its 5-10Grand for a property less than a million to hold the property. The actual down payment is usually dictated by the one holding the note, and depending on there credit is 5-25% of the loan amount.
Hope that helps,
Kyle